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What Is TDS
(Tax Deducted at source)?
WHAT IS TDS (Tax Deducted at source)?
TDS stands for ‘Tax Deducted at Source’. It is introduced by income tax department as a tool to minimise tax evasion by taxing the income at the time it is generated. It is like payment of advance tax on income. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department.
TDS is not applicable to all incomes and transactions. TDS is deducted on specified transaction only when the value of payment is above the specified threshold limit. Different limits are specified by the Income Tax department for different payments such as salaries, interest received, rent paid, payment to contractors etc.
It has following characteristics:
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DEDUCTOR
The company or person that deducts the TDS and makes the payment after deducting TDS is called a deductor. Deductor is the person who issue the certificate of amount deducted and payment made.
DEDUCTEE
Person receiving the payment from deductor is called Deductee.
PAYMENT OF TAXES:
Deductor who deducted the amount of TDS is responsible to deposit the same to the government as a tax on behalf of deductee.
TDS is applicable on various income and transactions such as salaries, interest received, commission received, dividends etc. Different threshold limit are specified under income tax act to calculate the TDS amount. The deposit for the same has to be made within the stipulated time. The payment categories include:
- Salary
- Insurance Commission
- Income from winning horse races
- Payment to Contractors for work on contract basis
- Payment of Rent to landlord.
Benefits Of TDS Return Filing.
As per the provisions of Income Tax Act 1961 filing TDS return is mandatory. Many person thinks it is extra burden on the individual or company but it has some benefits which are as follows:
- Payment of TDS as Advance Tax, No burden of paying tax lump sum as the payment is done on monthly basis and filing return quarterly.
- A regular and steady inflow of income to the government which automatically build the nation.
List Of Forms To File TDS Return.
There are different TDS Forms have been set depending on the income of the deductee or the type of deductee who pays the TDS. The different TDS forms are listed below as follows:
SR NO. | TDS FORMS | PERIODICITY | PARTICULARS |
1 | Form 24Q | Quarterly | Quarterly statement for TDS from “Salaries” |
2 | Form 26Q | Quarterly | Quarterly statement of TDS in respect of all payments other than “Salaries” |
3 | Form 27Q | Quarterly | Quarterly statement of TDS from interest, dividend or any other sum payments to non-residents |
4 | Form 27EQ | Quarterly | Quarterly statement of collection of tax at source. |
So If you are a deductor and has made payments to resident Indians with regards to any of above, you should file Form 24Q (TDS on salary payments) and Form 26Q (TDS on payments other than salaries) on a quarterly basis. If you have made any payments to non-residents, you are required to file Form 27Q on a quarterly basis.
In nutshell, Pay TDS on Monthly basis and file Statement Quarterly to show on which amount and person, Tax was deducted and paid to the government.
Due Date For TDS Return Filing
The due date for Payment of TDS deducted is seventh of the next month. For March, it is 30th April of the next year. The due date for TDS filing is as follows:
Quarter | Period | The due date for filing TDS return |
Q1 | 1st April – 30th June | On or before 31st July |
Q2 | 1st July – 30th September | On or before 31st October |
Q3 | 1st October – 31st December | On or before 31st January |
Q4 | 1st January – 31st March | On or before 31st May |
TDS Return Filing Package
BASIC
₹ 1,199/-
(All Inclusive)
- One Quarter TDS Return.
- Issue of Form 26Q, as applicable
- TDS Return Copy.
STANDARD
₹ 2,199/-
(All Inclusive)
- Two Quarter TDS Return.
- Issue of Form 26Q, as applicable
- TDS Return Copy.
PREMIUM
₹ 8,499/-
(All Inclusive)
- Four Quarter TDS Return.
- Issue of Form 26Q/24Q/27Q/27EQ, as applicable
- TDS Return Copy.
NOTE: Package content and prices can be change without any notification.
Documents Required For TDS Return Filing
- PAN Details.
- TAN Details.
- Copy of Challan.
- Details of payment made to deductee.
- Last Quarter return detail, if applicable.
- Entity details.
TDS Return Filing Process
After receiving requisite documents:
- Our Expert will fill the applicable form’s.
- Match the TDS payment made as per applicable provisions.
- After discussion, finalize the TDS return and submit the same.
- Send copy of TDS Return/Acknowledgement.
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